German outstanding public Pfandbrief yield, 1 to 2 years
German outstanding public Pfandbrief yield, 1 to 2 years stood at 3.44% on Oct 19, 2026, according to Deutsche Bundesbank. It is one of the indicators in the Bond yields and yield curves (daily) table (Value · Daily), with a complete series running from Jul 1, 1996 to Oct 19, 2026. The complete series with an interactive chart, free to download.
This indicator in the Bond yields and yield curves (daily) table
| Indicator | 19-10-2026 | 16-10-2026 | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Yields on Public Pfandbriefe outstanding | |||||||||||
| Residual maturity of more than 1 but not more than 2 years | 3.44 | 3.42 | 3.41 | 3.43 | 3.43 | 3.42 | 3.41 | 3.43 | 3.42 | 3.4 | |
| Residual maturity of more than 2 but not more than 3 years | 3.58 | 3.56 | 3.54 | 3.58 | 3.58 | 3.57 | 3.55 | 3.59 | 3.59 | 3.57 |
Understanding german outstanding public Pfandbrief yield, 1 to 2 years
Short-term borrowing rates for covered bonds backed by loans to state and local governments, focusing on the twelve to twenty-four-month maturity window. This segment tracks the near-term funding costs for municipal and regional public sector projects. It differs fundamentally from mortgage Pfandbriefe because the underlying collateral consists of sovereign or sub-sovereign debt rather than real estate. Due to its short lifespan, this specific time series is highly reactive to prevailing central bank policy rates, while ignoring the long-term structural risks priced into extended maturities.
Interpreting this short-end public debt proxy involves looking at its marginal premium over identical federal government bonds. The series is compiled from daily market pricing and inherently lacks seasonal variation. Retrospective adjustments are extremely rare. The most rigorous way to analyze this data is to measure the spread against the two-year Bund, which isolates the specific credit risk of regional and municipal authorities compared to the federal government. Observing short-term yield fluctuations mostly reflects broader monetary policy expectations, whereas a widening spread accurately signals growing investor hesitation regarding the fiscal health of local public sector entities.
Frequently asked questions
- What collateral backs these specific covered bonds?
- They are secured exclusively by claims against state, regional, and local governments.
- How does this differ from a mortgage Pfandbrief?
- It completely excludes real estate assets, focusing entirely on public sector borrowing.
- What makes this short-term bracket unique?
- It is highly responsive to immediate monetary policy while avoiding long-term fiscal risk.